Oil refiners to raise prices

By Kevin Chen / Staff reporter

Mon, Apr 01, 2013 - Page 13

The nation’s two oil refiners yesterday said they would raise gasoline and diesel prices by NT$0.2 per liter this week, the first increase after five consecutive weeks of cuts, after global oil prices rose last week. The adjustments are to take effect today.

CPC Corp, Taiwan (CPC, 台灣中油) said in a statement that positive US economic data bolstered confidence in the global economy, while the smooth reopening of Cypriot banks eased market fears about turmoil in the eurozone.

CPC’s average oil costs decreased by 0.63 percent last week. The company’s weighted oil price formula showed prices rose US$0.61 per barrel to US$106.25 over the week, it said.

Formosa Petrochemical Corp (台塑石化) said in its statement it would match CPC’s price hikes, considering the movement in the global oil prices, the New Taiwan dollar’s recent depreciation and current market competition.